Otis Worldwide (NYSE:OTIS) Downgraded by Wall Street Zen to Hold

Wall Street Zen cut shares of Otis Worldwide (NYSE:OTIS) from a buy rating to a hold rating in a research report sent to investors on Saturday morning.

Several other equities research analysts have also recently weighed in on the company. BNP Paribas raised Otis Worldwide from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, December 9th. JPMorgan Chase & Co. raised their price objective on Otis Worldwide from $105.00 to $111.00 and gave the company an “overweight” rating in a research note on Wednesday, October 15th. Zacks Research raised Otis Worldwide from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 14th. Weiss Ratings restated a “hold (c)” rating on shares of Otis Worldwide in a report on Monday, December 29th. Finally, Wells Fargo & Company lowered their price target on Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating for the company in a research report on Monday, December 15th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $103.50.

Otis Worldwide Stock Performance

Shares of OTIS opened at $90.20 on Friday. The stock has a market capitalization of $35.15 billion, a PE ratio of 26.61, a P/E/G ratio of 3.19 and a beta of 1.02. The company’s fifty day moving average is $88.43 and its 200 day moving average is $90.29. Otis Worldwide has a fifty-two week low of $84.25 and a fifty-two week high of $106.83.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data on Wednesday, October 29th. The company reported $1.05 EPS for the quarter, beating the consensus estimate of $1.00 by $0.05. Otis Worldwide had a net margin of 9.41% and a negative return on equity of 30.67%. The business had revenue of $3.69 billion during the quarter, compared to analyst estimates of $3.65 billion. During the same quarter last year, the business earned $0.96 earnings per share. Otis Worldwide’s quarterly revenue was up 4.0% compared to the same quarter last year. Otis Worldwide has set its FY 2025 guidance at 4.040-4.080 EPS. As a group, research analysts forecast that Otis Worldwide will post 4.04 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, December 5th. Shareholders of record on Friday, November 14th were paid a $0.42 dividend. The ex-dividend date was Friday, November 14th. This represents a $1.68 dividend on an annualized basis and a yield of 1.9%. Otis Worldwide’s dividend payout ratio (DPR) is presently 49.56%.

Insider Buying and Selling at Otis Worldwide

In related news, CAO Michael Patrick Ryan sold 3,028 shares of the firm’s stock in a transaction dated Wednesday, November 5th. The shares were sold at an average price of $91.69, for a total value of $277,637.32. Following the transaction, the chief accounting officer owned 2,628 shares of the company’s stock, valued at $240,961.32. This trade represents a 53.54% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.23% of the company’s stock.

Hedge Funds Weigh In On Otis Worldwide

A number of hedge funds have recently added to or reduced their stakes in OTIS. Berkshire Money Management Inc. boosted its holdings in shares of Otis Worldwide by 5.0% in the second quarter. Berkshire Money Management Inc. now owns 2,100 shares of the company’s stock valued at $208,000 after purchasing an additional 100 shares during the period. Park Avenue Securities LLC raised its position in Otis Worldwide by 0.8% during the 2nd quarter. Park Avenue Securities LLC now owns 13,876 shares of the company’s stock valued at $1,374,000 after purchasing an additional 104 shares in the last quarter. Oakworth Capital Inc. raised its position in Otis Worldwide by 49.1% during the 3rd quarter. Oakworth Capital Inc. now owns 343 shares of the company’s stock valued at $31,000 after purchasing an additional 113 shares in the last quarter. Cookson Peirce & Co. Inc. lifted its holdings in shares of Otis Worldwide by 1.8% in the 3rd quarter. Cookson Peirce & Co. Inc. now owns 6,615 shares of the company’s stock worth $605,000 after buying an additional 115 shares during the period. Finally, OLD National Bancorp IN grew its position in shares of Otis Worldwide by 5.5% during the 3rd quarter. OLD National Bancorp IN now owns 2,245 shares of the company’s stock worth $205,000 after buying an additional 118 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors.

Otis Worldwide Company Profile

Otis Worldwide Corporation is a manufacturer, installer and servicer of vertical transportation systems, including elevators, escalators and moving walkways. The company designs and supplies new equipment for commercial, residential and industrial buildings, and provides ongoing maintenance and repair services aimed at maximizing equipment availability and safety. Otis also offers modernization solutions to upgrade aging systems and improve performance, accessibility and energy efficiency.

In addition to new equipment sales, a significant portion of Otis’s business derives from long-term service contracts and responsive maintenance work.